DFF - Akra Hotel (EBRD-56051)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 17, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Bartu Turizm Yatirimlari A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 7.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 6.95
Converted using 2024-12-17 exchange rate.
Loan Amount (USD)
$ 7.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 6.95
Converted using 2024-12-17 exchange rate.
Project Cost (USD)
$ 7.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 6.95
Converted using 2024-12-17 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 23, 2024

Disclosed by Bank Dec 20, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists of the extension of the tenor of existing EBRD Loan to Bartu Turizm Yatirimlari A.S. by an additional five years and providing additional EUR 6.95 million loan to mainly finance a land plot acquisition for staff accommodation and maintenance CapEx.

EBRD's financing will help (i) extention of the maturity profile of Bartu Turizm's loan portfolio and (ii) assist Bartu Turizm adressing the staff accomodation issue for TUI Sensatori Akra Sorgun Hotel.

Technical cooperation is envisaged under the Turkiye-EBRD Cooperation Fund (TECF) Account for the Project preperation.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Bartu Turzim Yatirimlari A.S., established in 2011, is a joint stock company incorporated in Turkey. The Company owns and operates four coastal hotels with total capacity of 1,272 rooms. Bartu Turizm is the only joint venture between TUI AG, a German travel and tourism company and a local owner (the Barut Family) in Turkiye.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
TUI AG Parent Company Industry and Trade invests in BARTU TURZIM YATIRIMLARI AS Client Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Bartu Turizm Yatirimlari A.S.:

Ilker Orgun
Email: ilker.orgun@bhmotelcilik.com
Phone: +90 242 310 99 61
Website: https://www.bhmotelcilik.com/en/
Address: Sirinyali; Mah. Lara Cad. No: 24 Akra Otel Muratpasa/ANTALYA

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works